Deccan Chargers terminated from IPL

IPL franchise, Deccan Chargers was terminated from IPL by the BCCI after the Hyderabad based franchise failed to submit the bank guarantee to the cricket board. The bank guarantee to be paid to the board was Rs. 100 crore.

The board had given the cash-strapped franchise until 5 PM Saturday to submit the money, but the owners failed to do so. The Hyderabad franchise needed to pay up Rs. 100 crore bank guarantee to the BCCI, failing which the team was to be terminated. According to sources, no bank came forward to pay the guarantee. DCHL sought an extension to Friday's deadline until October 15 to submit an "irrevocable and unconditional" bank guarantee but the High Court refused to grant further time.

Justice S J Kathawala declined to give them more time, saying the earlier deadline of October 9 had been extended by three days to accommodate them. The Deccan Chargers franchisee license stands cancelled for now but the BCCI, according to sources, is likely take a final call on franchisee license cancellation.

Deccan Chronicle Holdings who paid $107 million to buy the franchise in 2008 had earlier informed the Indian stock exchanges that they had decided to sell the team to a Mumbai-based real estate company, Kamla Landmarc.

Last month, the owners had invited bids for the franchise after being granted approval by the Indian cricket board (BCCI) but rejected the sole offer of nine billion rupees ($162.4 million) for the 2009 IPL champions.

The BCCI later terminated the franchise for various defaults, including failure to pay overdue player fees, but the owners immediately issued a legal challenge against the expulsion, a case which is still ongoing.